Commercial Real Estate Investing Statistics for 2026

Commercial real estate lending conditions

Now, let’s take a look at the current CRE lending environment. For this data, we’ll use the CBRE Lending Momentum Index, which tracks loans originated or brokered by CBRE. While it’s not a measure of the full lending market, it provides a glimpse into the current market environment.

During the first quarter, the CBRE Lending Momentum Index was 1.5. That’s up from 1.2 in the fourth quarter and 0.3 in the first quarter of 2025 (higher readings signal stronger lending momentum). The last time the index was this high was in 2021. Meanwhile, the average loan size was the highest since 2014.

Alternative lenders (i.e., private credit) accounted for 53% of non-agency closings in the first quarter. That’s a notable change from a year ago, when this group’s share was 19%. They’ve surpassed banks (22%, down from 34%), CMBS (commercial mortgage-backed securities: 8%, down from 26%), and life insurance companies (17%, down from 21%) as the top lenders in commercial real estate.

Here’s a look at the changes in some key underwriting metrics over the past year: